What is the Gold Standard?

What is the Gold Standard?


Why did the United States leave the gold standard?
Basically, because the gold standard constrained the federal government. I get a lot of questions from students about
the gold standard. For example, what is it? And why don’t we have one anymore? I will
start by explaining what it is. Under a gold standard, the monetary unit is defined as
a certain amount of gold, like 1/20 of an ounce, or 10 grams. In the era of the international
gold standard, before World War I, the U.S. dollar was defined as a little less than 1/20
of an ounce of gold. To be precise, one ounce of gold equaled $20.67. A silver standard follows the same idea. The
British monetary unit, the pound sterling, originally meant exactly that: one pound of
sterling silver. A gold standard can operate with or without government involvement in
the minting of gold coins, the issuing of gold-backed paper currency, and the provision
of gold-backed checking accounts. Historically, private mints and commercial banks were reliable
providers of gold-denominated moneys. Thanks to the banks, a gold standard doesn’t
mean that people have to carry around bags of gold coins. Anyone who finds paper currency
and checking accounts more convenient can use those. But it does mean that if a person
wants to redeem a bank’s $20 bill or cash its $20 check, the bank is obliged to give
him a $20 gold coin. The obligation to redeem for gold guarantees the gold value of all
kinds of bank-issued money. And the purchasing power of gold was historically very stable.
By contrast, under today’s unbacked, or fiat, dollar standard, there is no value guarantee.
If you take a $20 Federal Reserve note to a bank, all you can get for it is other Federal
Reserve notes. The experience with fiat moneys in various countries has ranged from mild
inflation to terrible inflation. Why did the United States leave the gold standard?
Basically, because the gold standard constrained the federal government. The obligation to
redeem in gold limited money printing at times when the federal government, rightly or wrongly,
thought more money printing would be a good idea. The United States went off the gold
standard in two major steps. First, in the 1930s, under President Franklin Roosevelt,
the federal government broke its promise to redeem Federal Reserve notes in coin for U.S.
citizens. Private ownership and use of gold coins were
actually outlawed. Individuals and banks were ordered to turn in their gold coins and bullion
to the Federal Reserve. In the late 1960s and early 1970s the Fed printed dollars rapidly.
The falling purchasing power of the dollar triggered redemptions by foreign central banks,
and the U.S. government began running out of gold. Rather than stop printing dollars,
Nixon ended their redeemability in 1971. The money printing then accelerated, culminating
in double-digit inflation around 1980. By contrast, inflation under the classical gold
standard was never in double digits and averaged only 0 to 1 percent per year over the long
term. A common objection to a gold or silver standard
is that there can be random shocks to the supply or demand curves for metal and that
these will make the purchasing power of metallic money unstable. But historically this was
not much of a problem. For example, after the major supply shock of the California gold
rush of 1849, as the gold dispersed over the entire world, the resulting inflation was
less than 1.5 percent per year for about eight years. Thereafter the price level leveled
off and later gradually declined as the world output of goods grew faster than the stock
of gold. Under our current fiat standard, the supply of money is up to the decisions
of the Federal Open Market Committee. There is no self-correcting market tendency to prevent
the creation of too much money under that system. The fate of the dollar rests with
a handful of political appointees. The practical question is under which system
are the quantity and purchasing power of money more stable. In other words, which system
better limits inflation? The answer to that question is clear from the historical record.
Gold and silver standards have dramatically outperformed fiat standards around the world
in providing stable, low-inflation currency.

100 Comments

  1. A gold standard is not freedom, it is a government imposed rule. This always leads to other problems and dropping the gold standard. This should not be interpreted as being against gold, but the market should decide what it wants to use as money.

  2. since US off the gold standard,
    US economy more strong, even the world prefer to buy usd and use usd, rather than gold.
    which is literally just a rotten paper and junk, but could beat gold. amazing

  3. This guy is totally inaccurate. There never was a gold "standard". The US dollar was always and still is a one oz silver coin. The Bretton Woods agreement after WW2 was a contract between US and other countries that the US would redeem the Federal Reserve Note. As the speaker correctly points out, it was illegal for US citizens to own gold so how could it be "the standard"? The dollar STILL was a one oz silver coin. They still mint them.

  4. This is purposely misleading. There are 10.5 Trillion dollars in circulation The US Treasury has 147 million ozs of gold. That's $71,000 an ounce . A $100 coin would weigh .0014 ounces. How much would grandma's earrings be worth?
    He also fails to mention central governments can simply devalue there currency by changing its value in relation to gold.
    Of course, a gold standard also stifles economies.

  5. This is why we have invented cashgold – Notes with 0.1g -5g of 999.9 gold actually in them! In the 60's 5% of the population owned gold… now it is less than 0.01%… We are going to reverse this in the coming months and years. 🙂

  6. I like this video but it deliberately blames and demonize Nixon as going off the gold stand because he was an evil man. The reason why he went off of it is because American was losing gold and had it continued the dollar would have become effectively useless. Leading the country to bankruptcy and the end of the dollar as the worlds reveres currency. Which ultimately would have been the end of American.

    Obviously the lost of gold was because of America's overspending militarily and socially in an effort to fight the soviets and fund the great society. Another reason was America businesses were losing to emerging world economics like Asia and Europe. Combined this with the OPEC oil embargo and history shows the country was circling the drain.

    Also the video doesn't really address the reason why FDR went off the gold standard the way it explains why Nixon went off and it probably were for many of the same reasons I listed above. Today many economists argue about the causes of the Great Depression and the gold standard but if it was so great why did the country vote to leave it democracies aren't run alone.

  7. OMFG! This video is as disingenuous as could be. It doesn't state how much gold/silver America has. This video is intended to misinform and reinforce someone's uninformed biases. For sure there is a valid argument to fairly criticize the Fed, but this fall short of being sound or valid.

    How much gold would America need to maintain an efficient economic system?

    How much does the US currently have?

    Where would we get more to grow the economy?

    What is or would be the rate of growth in a reimagined gold standard?

    How does a gold standard work if only one country uses it?

    Who establishes the value of gold if one country suddenly began using it and no other country did?

    What would a gold standard in these modern times do to an innovative and tech hungry society like the US if more gold can't be acquired quickly enough to meet the demand.

    How would a gold standard work in a global economy where a single product, say an iPhone, has its pieces manufactured in several different sovereign nations?

    If gold is finite, would nation states be forced to go to war to pillage more gold?

  8. A survey of leading economists showed that they unanimously reject that a return to the gold standard would benefit the average American

    http://www.igmchicago.org/surveys/gold-standard
    https://www.nytimes.com/2015/12/02/business/economy/the-good-old-days-of-the-gold-standard-not-really-historians-say.html

  9. 2:28
    THE FAT CATS KNEW THE GOLD HAD A NEW PURPOSE IN THE ELECTRONICS INDUSTRY!
    AND ROBBED THE PEOPLES!
    (-_+)
    golden rule
    GOD is GOOD

  10. What does it take to get back on the gold standard?
    Who stands to prophet by preventing the US from getting back on the gold standard?

  11. Does anyone know of a video explaining this same thing to kids? Ideally something with more cartoons like PragerU's videos? I want to show it to my young son, but talking adults don't hold his attention for long

  12. No, the real question is which system provides more stable currency value AND more stable economic growth. You left out the main reason the US switched to a fiat system, which was the belief that the gold standard was limiting economic growth.

  13. Fiat currency is bullshit. Actually, it's theft. But I'd like a discussion of whether or not a gold standard would limit investment in new enterprises, because I don't know much about that.

  14. Good Video but could be better on Pros and Cons.

    1. You can't really say Gold Standard is better at controlling inflation. During the gold standard era, there was hardly any major economic crisis. It was a very peaceful time, almost tranquil. There were few civil wars, and not so surprisingly during those times, countries actually abandoned gold standard as it was no good. After the gold currency was abandoned, we went through major geopolitical economic crazy crisis like WWI, Great Depression, WWII, Cold War, Riemann Crisis, and etc. And Holla we survived! So… can you really say that Gold Currency is better at keeping inflation low? I don't think so.

    2. Gold Standard was abandoned for a specific reason: it gave our government(Fed) power to increase money supply and rescue dying economy during economic downfalls called recessions. When people lose faith in economy, spend less, business don't do work, and unemployment increases, government intervention through monetary and fiscal policy can stimulate the economy in a positive way. Government intervention could significantly reduce the time it takes for the country's economy to recover (which could take very very long if economy was to recover on its own). If you don't believe me, have some research on why people suffered so much from Great Depression in 1930's. Basically, people believed in the power of market, government did not intervene, and as a consequence of their naivety, people were left with economic disaster that took forever to recover.

    3. Fiat Money will not become shit money, and it is not a complete illusion as Solo Rider puts it. U.S government is not Zimbabwe government. Of course when someone make shit loads of money from Forex trading, and that could look like "oh that guy is making money out of nothing." But not at all. Everything moves according to supply and demand, whether it is through government intervention or through private investment. It is betting on educated guess, and whoever is smarter in making those guesses makes money. People used to say earth is at the center of the universe. You say shit when you don't know shit.

  15. I recently read an interesting proposal to use electricity-backed currency. Instead of redeeming your cash in gold you would redeem it in electricity to power your house. Gold has the problem that it has no intrinsic value, electricity does. There is also a strong correlation between electricity consumption and GDP, which indicates that the electric output follows the general economic output of the nation. If you think about it, bitcoin is kind of an electricity-backed currency, because to mine a bitcoin you have to plow through numerous GPU's and thousands kWh, the difference is that bitcoin is very wasteful in the same way mining gold is. A truly electricity-backed currency would solve all these issues.

  16. I would take it a step further to say that we don't need the federal government at all. We also do not need federal income tax to fund the federal government. The feds would only lose 1.48 trillion without income taxes. This would require Washington to get smaller and be more fiscally responsible with their budget. Letting tax payers keep their money is better for the economy. Since most of the revenue is wasted in the government before the benefits even reaches citizens.

    Furthermore the average federal employee salary is $84,153 dollars per year. That is 50% more income than people who work in the private sector. Since federal employee salary's are funded by tax payer dollars should they be allowed to make more money than private sector workers? this hardly seems fair and balanced since they also receive far better benefits and compensations. The only way to fix our national debt is by decreasing the size of government and by cutting government spending. Normal people have to treat their credit card debt the same way. You can't pay off your personal debt by spending more money… so how come the feds are allowed to get away with it. If the federal government was treated like a regular business they would have gone bankrupt decades ago. In the private sector businesses have to be fiscally responsible and make as much profits as possible or they risk going under and people will lose their jobs and wages. But the federal government is not held up to the same standards.

  17. My only thing against the Gold Standard is that a lot of economist say there just isn't enough of it and therefore would limit economic growth and lead to possible deflation.

  18. Libertarins fail to comprehend supply and demand. They're mostly all small business owners whom have made it under a fiat system , merely looking for their next tax cut. What's the difference if we all kept say 50% more money if markets prices inflate by 50%.. How would the economy function once the money all rushes to the top? How is a system based on gold hoarding more productive than a system based on gdp? Without money printing , how would any business be inticed to innovate? What about the fact that America had 5 depressions with the gold standar? "Limited capital' , ' limited competition', monopolistic racket's.. These things aren't very capitalistic at all.

  19. The speaker obliquely states the major problem with a gold standard. His quote at time 4:04:
    "…outperformed fiat standards around the world in providing stable, low-inflation currency."
    He's describing stagnation, one of the most hurtful economies to modern man.

  20. Government can't tamper with gold or silver coin? yes they can.

    One favourite historical way for a government, say Roman Empire to finance a way is to confiscate gold reserves, like gold and silver plates from churches and the likes to strike new coin. They can melt the gold down, dilute it with other metals and create more species. The end result is still the same: inflation. Spanish Empire mined a lot of silver from the New World and pushed inflation up.

    Gold and silver are still make-belief money, and historically, also caused inflation.

  21. well well  well.  isn't that a happy little line of shit.  in reality.  which country's currency does the entire world revolve around.  yes.  the United Stases.  and WHO OWNS THE U.S. FEDERAL RESERVE.  the Rothschild family.  the way you own the wallet in your pocket.  the Rothschild family owns the U.S. FEDERAL RESERVE.  it's theirs.  what happened to the world economy depends on what the Rothschild family wants to happen.  the more you try to prove me wrong.  the more you'll see just how true it is.  investigate Rothschild family history.  very scary.

  22. I think that gold standard used to be a good thing, that definitely helped us in history. But for today, the gold standard wouldn’t be viable. Simply because the gold circulation is very unpredictable and the real amount of gold circulating is hard (in my opinion; not) to define.

    I think cryptocurrencies are offering a great alternative for the inflation. But they are missing intrinsic value, just as the fiat currency. So if there would be a new development, that would give cryptocurrencies the intrinsic value that they represent, a new era will rise.

  23. https://m.youtube.com/watch?list=PLhyKYa0YJ_5Aq7g4bil7bnGi0A8gTsawu&v=-nZkP2b-4vo, this will give a better representation of why we should keep fiat money.

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  25. But of all the metals on the periodic table, why is gold the best currency? There are quite a few other stable metals.

  26. Economic growth would not rise as fast under a low inflation currency. Inflation encourages investors to take bigger risks. it also encourages fraud and abuse which cause recession as well. Also not all inflation is from the money supply. If the demand of goods rises and the supply does not, prices rise naturally. Therefore, prices could rise faster than the gold supply can handle especially considering that less people would invest to protect against inflation. Silver is more abundant and possibly a better metal to use.

  27. While fiat currency is the best vehicle for economic growth. Foreign fiat currency is parasitic. There is no benefit in importing foreign money if you dont post trade deficits with that foreign country. Allowing foreign currency to purchase domestically made goods is giving that foreign country a free ride.

  28. The gold standard was always a scam. It was produced to create the illusion of value in all the paper money the govt printed. When creditors from all over the world came to collect their gold. The united states defaulted on its debts and stated dollars were redeemable for treasury bonds instead. So what happens when my treasury bonds mature? You get more us dollars. What can I get with us dollars? You can buy more treasury bonds. So us dollars are not backed by anything but debt.

  29. The Federal Reserve is not the federal government! This is one of the most dishonest and rank conflations I’ve seen in a long time.

  30. gold standard is able to control inflation because you cant print gold
    out of thin air the same way you can with fiat money. While fiat money
    can help build an economy by tricking workers into working. It makes no
    sense to import another nation's fiat money. It makes no sense to export
    goods to a foreign country in exchange for another nation's fiat money.
    Since their money is just as good as dirt unless you post a trade
    deficit with that nation. Then in that case. You might want to collect
    just enough of their fiat money just to cover your trade balance with
    that nation. But anything beyond that. You are just collecting dirt.

  31. They left the gold standard because they didnt have the gold to pay off
    their foreign creditors due to decades of trade deficits. roosevelt already made it illegal for americans to own gold. This is because the govt lacked the the gold to pay american workers. But the govt still possessed police power. Which could force americans to work by forcing them to use dollars. For non-americans. Police power didnt exist. So gold was used as an incentive to get foreign nations to export their goods to americans. But that gold clearly didnt exist.

  32. The fed will just magically print money to pay off the interest on those
    bonds. The us doesnt post trade surpluses. Nor does it post budget
    surpluses from taxation. The govt runs twin deficits year on year. So
    where does the money come from to pay for the interest on treasury
    bonds. The money used to pay that interest cant possibly exist. Its a
    complete fraud.

  33. Taxation is what is really important. If you tax the wealthiest among us %70 to %90 who have established American wealth it will create economic growth. Why will it increase growth? For example; suppose you are a landlord. And you are taxed 35% of your income. 65% will be the potential to be deposited in a bank account. Thus, more money in a potential bank account equals money which is not circulated in the economy. 70 to 90 percent forces established wealth to invest in their companies by creating jobs, increasing pay, building offices, etc. Looking at the economy only through the gold standard is clearly absent minded thinking. Tah Tah.

  34. 3:49 The more important question is, which system is inherently more susceptible to manipulation, which I suppose is the point he may be trying to make about inflation.

  35. Good, the government should be constrained and shrunk. They should be held to a certain standard to stay effeciant and really most of these services can and should be done by private companies. When the government steps in and takes control they almost always screw it up and it ends up costing more and more.
    Mainly because they do not allow competition. Nothing keeps costs low and services more effective than competition. The customer always wins.

  36. Why not make a system where the total amount of currency is limited to a certain number that can't be changed?

  37. I'm not sure that the gold standard would be better, but I'm pretty sure what is worse. Allowing banks to leverage loans vs. deposits, I've heard 40:1 on the low side 100:1 on the high side during the 2008 crisis. And then generating a 20 trillion dollar national debt to bail out, along with a deficit of a trillion dollars a year. (And don't even get me started on federal and state unfunded mandates) What do we do, when the interest on the debt becomes a large enough portion of our budget that it doesn't allow us to make entitlement payments, let alone discretionary ones? IMHO we are doing irreparable harm to future generations by our outrageous spending.

  38. You are wrong. You can take a 20 dollar FRN and ask for KENNEDY half dollars which are lawful money coined by the US Treasury and not the illegal Federal Reserve system.

  39. Intrinsic value is being too loosely used. Nothing has intrinsic value if you look at it closely. There is a trade for everything. Being OFF the gold standard means just that, no comparison, you, cannot compare a dollar of currency to gold in an "Intrinsic" value, only to an "Exchange" value.
    There is nothing backing the current monetary system, because it is a "Currency" system the value ebbs and flows based on availability. Gold Standards has been more stable in history, but if I were to flood the market with gold, the value would plummet, if we stayed on the gold standard, other countries would try to financially ruin us by buying the gold or exchanging dollars.
    The Currency system is controlled by Inflation, and CPI, when too much money is out there, prices seem to up, but actually the value of the currency is going down and you need more of it. Either way, people hoarding currency or gold would be a problem, if "rich" people hoard gold, people would find another type of exchange, if people hoard cash, it loses value, forcing them to invest it. investments work out good. for a currency driven economy.
    Don't misunderstand, I love Gold, but if you Stop thinking of Currency system being compared to gold, there is a lot more one can do in their life because of the readiness of cash. so, with that being said…… Keep your mouth shut, hoard gold, and when the currency collapses be rich! unless the government outlaws gold like they did in the 30's. good luck.

  40. The abandonment of the Gold Standard, had been ushered into motion to line the pockets of the Monetary Cartels. This is how they were eventually able to influence major governments throughout the modern world. 🏛

  41. Wow and this guy is a professor of economics, pathetic. It is completely misleading to point at the historical gold standard and compare it to a post-industrial economy. He focuses solely on currency in relation to inflation. Inflation is the relationship of currency to goods. What changed and why the gold standard change is because how goods were consumed and produced drastically changed. This "professor" completely ignores the most important part on the cause of inflation…goods. The U.S. could not acquire enough gold to represent the mass increase in trade. Currency is supposed to be a representation of production, not a placeholder of a commodity for a barter system. With mass production and vast diversity of products consumed at a vastly growing rate gold was no longer capable of being acquired in large enough quantities to represent the work and wealth that people generated. Currency is supposed to represent you did this much work for me. if there isn't enough of the substance used to represent that (ie gold) the answer is not to stick with the system and give no incentive to a large population to produce because there isn't enough currency….that's insane and would have completely destroyed the economy. There would be massive, incurable systemic poverty., which is exactly what happened. Remaining on the gold standard and the run on the banks is what caused the Great Depression. There was already a low currency supply and then people hoarded it during a crisis, that escalated the crises. There was then almost no currency to exchange for the work and without work, there is no production of goods. Trying to insinuate that the level of inflation of the past when people lived very meagerly is comparable to inflation of how lavishly we live today is mind-numbingly obtuse.

  42. I firmly believe banks have paid hundreds to type in negative comments. Makes sense. Truthfully a gold standard will slow so many bombs from dropping around the planet because countries might need to not spend on bombs but things the people in their country actually need.

  43. Let me see if I understand this.
    1913 — congress goes home on holiday. They are called back for an emergency vote on the Federal Reserve on Dec 23. Transportation of the era is too slow for opponents to vote. Federal reserve supporters who (big surprise) never left.
    1934 — US citizens must turn in (basically) all their gold to the government for paper money. Foreign powers and banks can still redeem in gold.
    1935-1974 — huge spike in inflation During which foreign powers buy up all the gold at 4 to 1 it's actual value.
    1975 — Ft. Knox is empty, but nobody seems to notice or care.

  44. 1. Gold is not stable. supply of gold is finite, the quantity available to the central bank likely will grow more slowly than the real economy. As a result, over long periods—say, a decade or more—we would expect deflation. While (in theory) labor, debt and other contracts can be arranged so that the economy will adjust smoothly to steady, long-term deflation, recent experience (including that with negative nominal interest rates) makes us skeptical.
    This brings us back to where we started. Under a gold standard, inflation, growth and the financial system are all less stable. There are more recessions, larger swings in consumer prices and more banking crises. When things go wrong in one part of the world, the distress will be transmitted more quickly and completely to others. In short, re-creating a gold standard would be a colossal mistake.

    However if the world really wants to . The USA has most of it by far .
    1.United States. Tonnes: 8,133.5. Percent of foreign reserves: 74.9 percent.Germany. Tonnes: 3,381. …Italy. Tonnes: 2,451.8. …France. Tonnes: 2,435.7. …China. Tonnes: 1,797.5. …Russia. Tonnes: 1,460.4. …Switzerland. Tonnes: 1,040. …Japan. Tonnes: 765.2. …

    USA largest OiL producer .
    USA is the largest Exporter of refined oil .

  45. Money is God!… Does Jesus pay your rent? NO! Do the churches pay your rent? NO! Will being religious pay your rent? NO!… What pays your rent!…. MONEY OF COURSE!… MONEY IS GOD, No matter how you stack the deck… MONEY IS GOD!

  46. WE must know that the ZIONISTS are controlling the World's Economy & GOLD.They want to become very rich,control the whole world & make us slaves.

  47. I just have one question: isn't it an economical consensus that a 2% inflation rate is beneficial for the government and lower than that can harm it?

    The inflation rate of the gold standard seems low, so why is this better still than fiat money?

  48. Gold and Silver gives people options just like digital currency. Exactly why the government wants to do away with it. (Just my opinion)

  49. Imagine if the left hadn’t been able to leave the gold standard. There wouldn’t be this god damned chaos. Roosevelt and Wilson would have been better to us thrown in a trench and left for dead.

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  51. There is a hidden defect in our Constitution that allows your trusted politicians partnered with corporations, including the Federal Reserve system, to have control of our monetary system and thereby extort wealth from ordinary citizens through a fraudulent system of taxation. What is that defect, and where is it? It is listed in Section 8, Powers of Congress, "to borrow money on the credit of the United States". This power has no limitations imposed upon it by the people. That needs to be changed.

  52. What I'm confused about is when you look at historic inflation rates, they're much more calm now. Can someone explain that to me?

  53. I didnt read all the comments but the issue for me is one of "property rights". When we use fiat paper we only get an equitable interest in the product we are "buying". We have been essentially "stripped" of our actual property rights and are left with only an "equitable use" title to our "property"…. rather than an actual ownership position. This changes our property "rights" with respect to the state and federal government. For reference, understand how civil seizure actually works. Search: Bennis v. Michigan. Dig deep: Supreme court said: "we can seize your car because we can seize a ship at sea". We are a conquered nation. Search Jim Traficant speech before Congress. Watch it and weep.

  54. The gold standard another crazy story people wants to bring back.. MOFO I've never been around gold, let alone me thinking about spending 1300 dollar for an ounce of gold.. people are overthinking all this fiat vs gold crap.. live you life

  55. America was wise to come off the gold standard. The dollar become the currency of the world.

    This gave America the ability to purchase international goods and services in exchange for… literally paper.

    As long as the world believes in the dollar, America will be the number 1 economy.

  56. I believe that the good/bad credit standard took over a gold & silver standard in the 🇺🇸. To prevent a financial crisis. Money has a value on paper but those who control from the top truly know what it’s really worth. I also believe the U.S. & other countries are the main ones to rely on the original standards. That’s why other countries requested they’re gold from Federal Reserve banks.

  57. It's already bad enough that theses globalist steal our money with taxes and the elimination of a gold standard is a huge kick to the nuts.

  58. The great thing about commodity-based currency 's that it doesn't even have to be gold or silver, it can be literally anything of value. There could be a banking market for labor ensured currency, land ensured, stock ensured, etc. Assuming the removal of a central bank and any gov't involvement with the monetary system that is.

  59. There are basically two kinds of economic theory. Progressive demand-side economics labeled as liberal or conservative Austrian austerity supply-side economics which has been promoted by Milton Friedman and Ayn Rand. If you want to understand the impact supply-side economics has had on the world over the last 40 years just look at what's going on in America and around the globe. Wages have been flat in America for the last 40 years even though productivity has been going up massively. This was not the case from 1930 to 1980 before conservative supply-side economics came into the mainstream. Plus we've had a Global Financial meltdown due to conservative deregulation of the financial markets and Banks. Over a billion people have been put into more poverty. Conservative neoliberal economist's state that conservative neoliberal brackets don't ask me why conservatives call their policies neoliberal because they're not) has lifted people out of poverty last 40 years which is nonsense. If you look at the history of gold it was short- and when America was on the gold standard there were tons of Economic recessions and depressions under the gold standard accompanied with inflation. This guy is putting out the standard conservative economic talking point that we need a gold standard. Conservative economist argument is that America has massive debt right now. What they're not telling you is that during World War II the debt levels were higher then they are currently today. Plus in today's dollars Roosevelt and Eisenhower spent 1 trillion dollars on infrastructure and the economy boomed. There was no hyperinflation and the dollar did not crash. Also Japan over the last 30 or 40 years has had double the amount of debt that the US has and their dollar has not crashed and they have not had hyperinflation.

  60. The reason why the world will never return to the “Gold Standard” is because of it’s freedom. The “Gold Standard” is freedom and the powers don’t want something that’s not regulated. They need to regulate further for more control and “Fiat Currency” isn’t the future because it can’t be tracked like blockchain tech can or as they call it “Digital Currency.” or “Cryptocurrency.” Say Hello to true slavery! Served on a gourmet dish!!

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